As we prepare for tonight’s debate, let’s take a closer look at the economic scorecard. President Biden has overseen a stronger economy compared to former President Trump, but his tenure has also been marked by significantly higher inflation. Biden inherited a budget deficit of approximately 15% of GDP and increased stimulus spending, which was supported by the Federal Reserve’s monetary policies. This combination has contributed to the current inflation, for which Biden is accountable.

In contrast, Trump’s presidency was significantly impacted by the COVID-19 pandemic and the resulting economic shutdowns, leading to the largest quarterly GDP drop on record. Additionally, for the first time in history, core CPI inflation saw three consecutive months of negative readings.

While the data is skewed by the pandemic, the sitting president, for good or for bad owns the economic conditions during their tenure. Think Jimmy Carter, who was faced with the OPEC II oil crisis and the Iran hostage situation, both largely outside his administration’s control yet it cost him his reelection.